Pekin Hardy Strauss Inc. Grows Stock Position in Devon Energy Corporation $DVN

by · The Markets Daily

Pekin Hardy Strauss Inc. grew its position in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 10.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 230,529 shares of the energy company’s stock after buying an additional 21,950 shares during the period. Devon Energy accounts for 0.8% of Pekin Hardy Strauss Inc.’s investment portfolio, making the stock its 29th largest position. Pekin Hardy Strauss Inc.’s holdings in Devon Energy were worth $7,333,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its position in shares of Devon Energy by 9.0% in the first quarter. Envestnet Asset Management Inc. now owns 308,941 shares of the energy company’s stock valued at $11,554,000 after purchasing an additional 25,631 shares during the period. TD Private Client Wealth LLC raised its holdings in Devon Energy by 41.4% during the 1st quarter. TD Private Client Wealth LLC now owns 4,899 shares of the energy company’s stock valued at $183,000 after acquiring an additional 1,434 shares during the period. Financial Counselors Inc. lifted its position in shares of Devon Energy by 7.2% during the first quarter. Financial Counselors Inc. now owns 7,416 shares of the energy company’s stock worth $277,000 after acquiring an additional 496 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Devon Energy by 16.7% in the first quarter. Crossmark Global Holdings Inc. now owns 27,470 shares of the energy company’s stock worth $1,027,000 after acquiring an additional 3,922 shares during the period. Finally, M&T Bank Corp grew its position in shares of Devon Energy by 1.6% in the first quarter. M&T Bank Corp now owns 40,509 shares of the energy company’s stock valued at $1,515,000 after purchasing an additional 651 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Up 0.5%

DVN opened at $32.49 on Friday. The stock has a market cap of $20.63 billion, a PE ratio of 7.29, a P/E/G ratio of 2.49 and a beta of 1.01. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $39.80. The business’s fifty day simple moving average is $34.02 and its 200 day simple moving average is $33.21.

Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.11. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the previous year, the company posted $1.10 earnings per share. As a group, research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. Devon Energy’s dividend payout ratio (DPR) is currently 22.59%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Evercore ISI raised their price objective on shares of Devon Energy from $34.00 to $37.00 and gave the company an “in-line” rating in a research report on Monday, October 6th. The Goldman Sachs Group cut their price target on shares of Devon Energy from $41.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, October 15th. BMO Capital Markets upped their price target on shares of Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 14th. Royal Bank Of Canada set a $42.00 price objective on Devon Energy and gave the company a “sector perform” rating in a research note on Friday, October 10th. Finally, Susquehanna decreased their target price on Devon Energy to $41.00 and set a “positive” rating on the stock in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $43.04.

Get Our Latest Research Report on Devon Energy

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares of the company’s stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.71% of the stock is currently owned by insiders.

Devon Energy Profile

(Free Report)

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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